For Jeremy Siegel, in the latest edition of his book, the equity premium is 4% a year since 1802.
杰里米·西格尔在他最新一版的书中讲到,从1802年开始,股权溢价就是每年4%
There's one, it's a book by Dimson, Marsh, & Staunton that--called Triumph of the Optimists-- that Jeremy Siegel quotes.
蒂姆森,马什和斯汤顿联合撰写的书,叫做《投资收益百年史》,杰里米·西格尔从中摘引了部分数据
This is Angus Trumble, the curator at the British Art Gallery who wrote this wonderful book, A Brief History of the Smile looking at the smile in art.
英国美术馆馆长安格斯,他写了这本奇妙的书,微笑简明史,看艺术中的微笑。
One is the chapter on Comus in a book by John Guillory called Poetic Authority, and the other is the entire book by Angus Fletcher on Milton's Comus, titled The Transcendental Mask.
一个是约翰古伊洛写的关于Comus的一个章节,叫诗的威信,另一个是安格斯弗莱彻写的一本研究弥尔顿的Comus的书,叫《超凡的》
What I want to do, I want to talk about Jeremy Siegel's book and the equity premium puzzle.
接下来我要做的是,我想谈论下杰里米·西格尔的书,和股权溢价之谜。
Jeremy Siegel, in his book, which is assigned for this course, is really emphasizing this capital asset pricing model, emphasizing the kind of efficient portfolio frontier calculations that I've done.
杰里米·西格尔的著作,是本课的指定书目,书中着重讲述了资本资产定价模型,以及有效边界等的计算方法,这部分我已经讲完了。
The theme of Siegel's book is, can we believe this?
西格尔的书的主旨是,这些是真的吗?
A funny coincidence is that since our names are close in the alphabet-- you often find our books right together in bookstores because Shiller and Siegel-- if they're shelving alphabetically-- would end up together.
巧合的是,因为我们的姓氏在字母表中排在一起,所以书店里常见到我们的书也摆放在一起,因为希勒和西格尔,如果书店按字母顺序摆放书籍的话,我们的书就会放在一起
I'll let you read Siegel and his discussion of this possibility, ... but I think that-- what I want to get now is not necessarily any agreement on whether you believe that there's such a high excess return for stocks.
我会要求你们读西格尔的书,以及他对这种可能性的讨论,但是我认为-,你们并不需要,同意炒股的收益,远远高于其他的投资方式。
This is--I'm showing here U.S. data, but Siegel also argues in the latest edition that the equity premium is also high for advanced countries over the whole world.
这就是。。。我在这展示的是美国的数据,但是西格尔在他最新出版的书中讨论道,在世界范围内许多发达国家的,股票溢价同样很高。
What Siegel emphasized--the book is really about this-- he talks about what is the expected return of stocks and what is the expected return of bonds and so on.
西格尔强调的是。。。这书真正讲的是-,他讨论了什么是股票预期投资收益,以及什么是预期投资债券等等内容。
In finance, there's often reference to another kind of average, which I want to refer you to and which, in the Jeremy Siegel book, a lot is made of this.
在金融里,我们经常提到,另外一种均值,在杰里米·西格尔的书里多次提及
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